The Advantages of the Hyperledger Blockchain for Enterprises
Given the rising popularity of blockchain technology, the IBM Hyperledger project has rapidly grown in popularity, given the fact that it promises businesses a wide variety of benefits. For those who do not know, Hyperledger represents: “an open source collaborative effort created to advance cross-industry blockchain technologies.”
In other words, the Hyperledger model blockchain has been designed to help enterprises build and run their very own industry-related blockchain applications, hardware systems, or platforms, directly on a system capable of supporting all forms of business transactions. It has been stated that Hyperledger isn’t a product, but rather an umbrella hosted by the holds behind the Linux Foundation. However, Hyperledger Fabric is a different story, as it aims to become the foundation for the world’s future modular architecture blockchain applications.
Some of the main advantages associated with Hyperledger Fabric include:
- Its modular architecture
This is fairly new for the industry, granted the fact that it allows developers to create their own pluggable components, directly into the blockchain architecture. Developers can introduce new modules whenever they want to, without having to rebuild the system from scratch.
- Allows permissioned blockchains
In the enterprise market, not all blockchains need to be public, or anonymous. Businesses can use the technology for various purposes, and often times, accountability and full transparency is required, all while not releasing sensitive information to the public. Permissioned blockchains can only be accessed, or edited specific users, depending on their permissions.
- Data retrieval on demand
The Channels future for the Hyperledger allows for data partitioning. This feature is especially relevant for companies which are truly serious about their privacy. What this means, is that data is not freely available on the blockchain, and can only be retrieved on request. Traditional, and/or public blockchains do not offer this feature.
- Level of trust no longer a concern
Hyperledger Fabric handles transactions in a different manner. It works by reducing the required number of trust layers and verifications that transactions need to go through. Because of this, transactions can be carried out quicker, without any downsides.
Based on everything that has been outlined so far, Hyperledger definitely offers enterprises numerous benefits. However, it surely has its downsides as well, which will be covered in a future article.